5 ways to catch up on retirement savings

Saving for retirement requires planning and consistency.(Photo: Thinkstock)Worried about your retirement nest egg? It’s normal for someone nearing retirement to question how much they have saved — and wonder if their savings will last. Whether you haven’t started or life got in the way and you dipped into your nest egg, don’t stress, because it’s not too late to catch up. Here are a few tips for topping up your retirement fund.If you have access to a company retirement plan, such as a 401(k), consider contributing enough to capitalize on a company match. Losing out on a company match can mean missing extra money over the span of one’s working career. On top of taking advantage of the company match, you may want to consider maximizing your contributions. Increasing your contributions may seem intimidating, but putting away a little more each year can boost your nest egg when you factor in the effects of compound interest.Of course, not everyone can contribute more to their retirement funds on a regular basis, which makes investing found money a great opportunity. If you’re lucky enough to come into some money, whether from a tax refund, a bonus or money from your wedding, consider directly depositing this money into your retirement account. This way it will never touch your hands or be spent on personal items. For example, if you’re getting by comfortably on your income and receive a bonus, you may want to deposit the difference to help you catch up on saving for retirement.If you do not have an individual retirement account, opening one can be a great vehicle for stashing away money. Used along with a company plan, a traditional or Roth IRA can mean more income in retirement when the day to hang up your hat finally comes. With both accounts, an individual can contribute up to $5,500 annually, and an extra $1,000 for those over 50. (The extra allowance can help those who are a bit older catch up on saving.) While both savings accounts offer tax incentives at different times, it’s important to understand these tax breaks, along with their income limits, before you decide which account to open.While delaying your retirement may not sound appealing, it can mean more time to build up your retirement funds — and a shorter retirement for which to save. It can also mean delaying Social Security and receiving a bigger monthly check in the future. If you wish to continue working but want to take on fewer hours, consider picking up a part-time job or starting a side hustle. While this may affect your Social Security, it can also mean extra money in your pocket during retirement, less stress and more time to do what you want. Keep in mind, unless otherwise specified, there may be a required minimum retirement distribution, which requires you to withdraw money at a certain age.While saving and maxing out your retirement fund is ideal, it will do you no good if you have high-interest debt that continues to build. Your debts can feel like chains tied to your ankles if you don’t get rid of them before you retire. You may want to continue saving for retirement as well, but consider paying down high-interest debt first. Taking debt into retirement can mean less money for your golden years. So if you’re nearing retirement and worried about debt, consider speaking to a debt attorney to see how they can help.More from Credit.com This article originally appeared on Credit.com.Leslie Tayne, is a consumer and business debt-related attorney and advisor. She founded Tayne Law Group, P.C., concentrating solely in debt resolution and alternatives to filing bankruptcy for consumers, small business owners and professionals. She is the author of Life & Debt. More by Leslie TayneCredit.com is a USA TODAY content partner offering financial news and commentary, and users of the website can view their credit scores for free every month. Its content is produced independently of USA TODAY.